Singapore-based life sciences ecosystem builder Esco Group said it will acquire the remaining shares in medical device developer AT Medical UAB, which is a portfolio company of the group’s venture investment arm Esco Ventures.

The agreement will see Esco Micro Pte Ltd, the primary operating entity of Esco Group, make an undisclosed payment for the remaining shares in AT Medical UAB, the company said. Esco further added that the acquisition price represents a ~16X ROI multiple on the first investment it made into AT Medical UAB.

Founded in 2011 by a group of professionals with a reportedly vast experience in research, development, manufacturing and regulatory affairs, Lithuania-based AT Medical UAB develops innovative IVF medical devices, which are currently distributed by Esco under the Esco Medical brand.

Following the acquisition by Esco Group, AT Medical UAB will be renamed as Esco Medical Technologies UAB and continue operations as a separate legal entity within Esco Group’s life science ecosystem.

“We are extremely excited to welcome AT Medical to the Esco family,” said Esco Group President & CEO XQ Lin. “This strengthens our commitment to innovation within the fast-growing fertility technologies market, leveraging the Esco Group’s global network to accelerate product development and drive distribution. Furthermore, it is a successful example of Singaporean-European collaboration in the life sciences field,” he added.

Thomas Pedersen, newly appointed as Esco Medical’s co-CEO, said: “The partnership with Esco Ventures and Esco Group has been a very fruitful one, enabling us to deliver our innovative technologies, designed and made in Europe, to the global markets, impacting over 100,000 live births annually.”

In an unrelated development, in the same space, Tynor Orthotics Pvt. Ltd, a manufacturer and exporter of orthopaedic and fracture aids, had last week announced that it had closed funding to the tune of Rs 143 crore from private equity firm Lighthouse Funds and Thuasne Participations, a French manufacturer of wearable medical devices.

Earlier in the year, Hong Kong-listed medical device manufacturer MicroPort Scientific Corporation and Chinese PE firm Yunfeng Capital acquired the cardiac rhythm management (CRM) business of US-listed medical technology company LinaNova for $190 million in cash.